Feb 25, 2019 - Crypto Watchlist
This week has been a turbulent one in cryptocurrency markets. BTC has been leading the charge with the bullish momentum. Despite yesterday’s violent correction, the price is still maintaining higher lows and higher highs as it continues inside the ascending channel. We are looking to long the break-out and retest of 3870.0, or long the bottom of the channel. The risk of shorting is not worth the reward, so we’re not looking for any short entries.
LTC remains our primary long-term play. The current price action is a bit rough, and we mainly associate this the panic BTC caused recently.
However, you can see on the daily chart that the price action is 100% expected. I could see LTC dropping down a bit more, which should give us plenty of opportunity to accumulate a long position.
Most other large cap coins have similar price action, following BTC’s footsteps. The only exceptions are BNB and XRP.
The hype for BNB has died down a bit, but if the market is bullish overall (which it is), I would say there is a good chance that BNB will break new all time highs. I would stay away from BNB though, unless those all time highs are broken. The risk is just not worth the reward of an entry at the moment in the short term.
And finally, XRP saw a nice pump today thanks to the fundamentals backing it. If the current price momentum maintains, we can look for long entries just above 8305.
Overall, we’re seeing a shift in cryptocurrency markets. Fundamentals are affecting the price, and volume is on the rise. Many catalysts are lined up just right such that the outlook for cryptocurrency is looking really good at the moment.